ComsoMALL: Choice of CB Richard Ellis looks strange

UrBC, Yekaterinburg, March 23, 2011. ‘Luxury sales haven’t been growing in Yekaterinburg lately, the segment is actually highly unstable just now. The sales haven’t plummeted so far, it’s true, but the customer preferences have changed a lot: the number of customers did not go up, whereas the number of market players grew considerably. This is why one cannot make very optimistic predictions for this market sergment,’ General Director of ComsoMall Management Company Andrei Maltsev told UrBC. Now Magazin Magazinov and CB Richard Ellis became an exclusive broker that will now rent shopping space within the new retail project of ZAO Forum Group Galereia na Radishcheva. The project provides for the construction of two to three storey buildings that will house the stores of well-known international premium and upper middle class brands. ‘This market segment is currently well presented in Yekaterinburg, with malls such as Evropa, Limerence, and Corteo Fashion Mall running a number of international brands. This is why whether the segment really needs more shopping space is a dubious issue,’ Maltsev explained. ‘Forum Group earned a reputation for being a professional developer with plenty of experience in this segment. At the same time, their choice of the broker looks a bit strange. CB Richard Ellis are not very strong shopping area traders, they have worked with the office space more. Both our operators and the potential tenants markerts are open and clear. Why anyone would want to use an outside broker is something that eludes me,’ he added.